Life is unpredictable and sometimes even to those of us who are experts in budgeting may need a little help from elsewhere. We’re often told to save and put money aside for emergencies. A 'rainy day' fund if you will, but this is easier said than done. Many of us work all the hours we can to make ends meet, but still may not have enough to put away at the end of the month. Not all of us are on high incomes, and even those of us who are may still have commitments and bills that swallow all their earnings by the time the end of the month rolls around. Then when we least expect it, we get a bill we didn’t anticipate and this can turn our lives upside-down.
Sometimes we need a little help and it can be hard to know where to turn. 'Get an overdraft' or 'get a credit card' are pieces of advice we may be given from friends and family, but this can sometimes be bad advice. For starters it may be a little insulting, naturally we would have already thought of these avenues. They were probably the first things we considered before we decided not to go in that direction. That could have been for several reasons:
Those of us who generally keep out accounts in good order or don’t tend to borrow money may not want an overdraft, credit card or long term loan. We may simply not need them, choosing to only buy things once we can afford them having saved up. This strategy however isn’t helpful when the boiler breaks or our car needs a new part in order to function. While some people would rely on their credit cards or overdrafts in this scenario that doesn’t suit all of us. We may just need some quick and immediate cash to resolve a current issue. This is a one-off and any form of long term borrowing just simply isn’t required. We may only need a couple of hundred pounds, and credit cards, long term loans and overdrafts tend to be much bigger amounts than this and last for a lot longer.
On the other hand, we may love to own a credit card or an overdraft but have been refused them in the past. In cases like this we are forced to rely on alternative forms of credit. Perhaps our credit ratings aren’t very good, or we’ve never had credit before so are not seen as a reliable prospect. This is frustrating but we may be in luck, there may be an option more suitable to our current situation anyway. After all, why take out a credit card for just one issue?
In some cases, we may have already exhausted all lines of credit and we’re struggling to find a solution to our immediate problem. This is more common than people know, having a maxed out credit card or having reached the limit of an overdraft doesn’t mean we’re bad with money. It just means we’ve had a lot of recent expense. Our usual lifelines have reached their maximum capacity and it’s time to find a new one. This of course doesn’t mean we can’t or won’t pay our current debtors back soon, it just means in this situation we need help from an alternative source. In this scenario we’d probably use our overdraft or credit card if we could, but unfortunately on this occasion it isn’t an option. For many of us this is the worst possible time for the boiler to break or the car to not start, then that’s exactly what happens. You’re not alone, it’s happened to the best of us.
So, in each of the above scenarios what is the solution? Well each of these is exactly why Same Day Loans exist. They do exactly as the name suggests, they are quick, easy to apply for loans that are designed to help us out on a short-term basis. Like with a payday loan, they are designed to be paid back on our next payday or perhaps our next few paydays depending on the circumstance. But they are usually the loan of choice for those only need help quickly, but don’t need to borrow a large amount of money.
The vast majority of people who apply for Same Day Loans are just going through a minor and temporary financial hiccup. On this particular occasion they’re facing a situation where they need extra money a few days or weeks away from payday. They are not doing anything they cannot afford or borrowing money frivolously. For some payday may be only 24 hours away and when it arrives, they then immediately pay back what was borrowed.
For those of us who either don’t want long term credit, cannot get it or have exhausted their existing channels Same Day Loans are an effective solution to a temporary financial blip. It’s also comforting to know help is available if needed.
The same credit checks that apply to credit cards, overdrafts and long term loans don’t generally apply to Same Day Loans. Naturally there are implications to not paying a loan back, as there would be in any form of credit. But generally they are easier to get than any other form of credit. Those who apply for them may be in distress, or time may be a factor. Going for a sit down meeting and extensive checks is no good to them. They need help in that moment and a same day loan can provide this.
In fact, taking out such a loan can actually have a beneficial effect one one’s credit rating if the money is paid back when required. This will show on our credit file that we not only were granted credit but paid it back when we were supposed to. Luckily for us, our credit file doesn’t distinguish between this type of loan and any other. So we always have the benefit of being accepted easier, making this an effective way to build our credit back up.
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